On 23 June 2016, UK voters decided to leave the European Union
("EU"). While implementation of this decision will take
years, financial institutions doing business in the UK and the rest
of the EU, especially those that rely on the EU
"passport" for financial services, must begin to assess
now the impact of Brexit on their business models

On 29 January 2014 the European Commission published a proposal for a regulation of the European Parliament and of the Council "on structural measures improving the resilience of EU credit institutions"

On 22 January 2014 the Court of Justice of the EU, in a controversial but not unanticipated decision, dismissed the UK’s challenge to the powers conferred on the European Securities and Markets Authority in the short selling regulation.

This alert considers the amendments the government proposed to the Financial Services (Banking Reform) Bill on 1 October 2013 in the light of the recommendations made by the Parliamentary Commission on Banking Standards.